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Euro receives positive support - Analysis - 02-08-2023
EUR/USD regained its footing after leaning on the support of the main upward trend line in the medium term, while leaning on the support of the 50-day SMA, lending the pair positive momentum, which helped it bounce higher in early trading today, after recently seeking a bottom to to boost it higher anew, and amid positive signals from the RSI after reaching oversold levels, doubling positive pressures in upcoming trading.
Therefore we expect the pair to gain ground and target the first resistance at 1.1130, provided the pivotal support of 0.0970 holds on.
Expected trading range for today is between the 1.0865 support and the 1.1130 support.
Expected trend for today: Bullish
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